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Is there really such a thing as national debt?

July 26, 2014 — John Kelly

In a recent article by Warwick Smith in The Guardian, a group of economists refuted three of the government’s claims, namely that there was a budget emergency, that there was a debt crisis and that the carbon tax was an economic wrecking ball.

Knowing how difficult it is to get economists to agree on anything, this seemed like quite a coup and reading it only served to remind me of some of the government’s ‘over the top’, exaggerated and often inaccurate outbursts from various ministers in their feverish attempts to scare us into thinking we have a problem with the economy.